07/27/09 - Mayor hoping for historic tax bill signature
MAYOR'S UPDATE: The Governor signed this bill before the month ended.
Thanks for listening Governor Paterson! |
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Mayor asks Governor Paterson to support Assembly Bill A.9023 by sending letter, making call
Mayor says legislation would propel city, invigorate historic properties, and create jobs
July 27, 2009 – (Utica, NY) – Utica Mayor David Roefaro picked up the phone today to dial Governor Paterson and ask him to sign Assembly Bill A.9023 when it reaches his desk. The Mayor also sent a letter to the Governor summarizing the importance of the bill, and his hopes it's put into law.
A.9023, sponsored by Assemblyman Sam Hoyt, would amend the state tax law to provide for a tax credit for individuals or companies that rehabilitate historic properties.
"This bill would provide hope for neighborhoods that have seen their character wither away, allowing for the rejuvenation of not only homes and neighborhoods, but the creation of construction jobs, and new reuse models that could redefine some of Utica's most needy housing stock," the mayor said.
Amongst several highlights of the bill, the mayor specifically pointed to tax credit incentives. "Under this bill, the cap on the tax credit for residential property is increased from $25,000 to $50,000, so the incentive is there, and that will make a difference when individuals do the cost benefit analysis of a project, they'll likely be more apt to take on the challenge," he said.
The bill also has provisions for individuals making less than $60,000 annually. "There are additional residential tax credits to be claimed if you meet that income level," Roefaro said. "It's good legislation. It fills a need and provides an incentive."
For Roefaro, aside from the aforementioned aspects of the bill, there are real job opportunities that also tie in with it. "New projects will stimulate the economy, employ our local workforce, and generate new tax revenue at the local and state level," he said.
"This legislation would undoubtedly help Utica. We've got the needy housing stock and a lot of interested people willing to do the work. They just need a little boost, and A.9023 is the right boost, a good bill to support."
"If it's signed into law, my office will be advertising it, educating prospects about it," he said.
The Mayor's letter to Governor Paterson is detailed below:
Governor David Paterson
State Capitol
Albany, NY 12224
July 25, 2009
Re: Please sign Assembly Bill A.9023
Dear Governor Paterson,
I would like to take this opportunity to urge you to approve Assembly bill A.9023, a bill that would amend the state tax law to provide a tax credit for the rehabilitation of historic properties. This legislation will create an economic stimulus program that will help distressed cities like Utica by improving the NYS Rehabilitation Tax Credit programs while limiting program costs and also provide cost certainty to New York State.
Utica is a city rich in history and historic structures. From our beginnings as a village in the 1700's, to a city incorporated in 1832, Utica has been proud of our diverse inventory of commercial and residential architectural styles. Unfortunately, many of these buildings are now threatened due to the exorbitant cost of rehabilitation. This has prevented our city from realizing its full economic and residential potential. This bill redefines what a "distressed area" means in language, making the rehabilitation tax credits available to a wider range of municipalities and older neighborhoods.
The commercial program in this bill will increase to a maximum of $5 million in tax credits per project, up from the current limit of $100,000. This is extremely necessary if we are to reclaim our downtown business district and our neighborhood commercial corridors. This bill will stimulate the local economy, providing much needed jobs and increasing tax revenue for both the city and the state.
The residential program will be increased from $25,000 to $50,000 for homeowners with income less that $60,000 annually. This is crucial to stabilizing our residential neighborhoods like Cornhill and West Utica, and may even provide incentives for new housing opportunities for citizens of our region that would otherwise not consider an older, urban neighborhood.
Once again, I would like to urge you to pass assembly bill A.9023, and thank you for your work on behalf of all New Yorkers.
Sincerely,
David R. Roefaro
Mayor
